Two Koreas trade volume to reach $1b

Two Koreas trade volume to reach $1b

SEOUL: Trade volume between the divided Koreas is expected to reach a record US$1 billion this year, a South Korean official said on Thursday.

In the January to September period, trade between North and South Korea totaled US$789 million, up 60.1 percent from the same period last year, said Vice Minister Rhee Bong-jo of the Unification Ministry.

That's already better than the current all-time high for annual trade of US$724 million set in 2003.

The traded goods include clothing and agricultural and fisheries products. It also includes South Korean aid to North Korea such as rice and fertilizer.

"If the current trend continues the figure will top US$1 billion this year for the first time in history," Rhee told reporters, without elaborating on reasons for the increase.

The capitalist South and communist North have been divided by the world's most heavily fortified border since the 1950-53 Korean War ended in a cease-fire, instead of a peace treaty. Tensions have eased considerably, however, in recent years, particularly after a historic summit in 2000 fostered increased exchanges and more business deals.

"In relations between South and North Korea, starting from this year, contacts have remarkably increased and intensified," Rhee said.

The number of South Korean visitors to the North is expected to reach 100,000 this year, he added. -- AP